Party Spot - Party Planning: 5 Best Budgeting Tips

Are your parents freaking out about how much your bash is going to cost them? Score some serious points by bringing up one of these genius ideas for keeping the college fund intact without sacrificing on style.

1) Trim Your Guest List
This is definitely a tough one -- after all, it's not like it's every day you get to plan an amazing party, so of course you want everyone you've ever known from kindergarten on to be there. That said, if you (and your parents) are finding yourselves scraping to put the party together, cutting the guest list is the #1 fastest and easiest way to improve your bottom line.

Fairness is key. If your parents have friends on the guest list, you can't demand they nix some of their invitees just because it's your party. Instead, you all need to sit down and take a look at your guest "wish list" and figure out who you can bear not to invite.

Don't cut the guest list by planning for no-shows. You're much better off being surprised by the number of guests who decline and getting to invite some new peeps a little late in the game than being overwhelmed when all of your guests accept your invitation leaving you with more people than chairs.

2) Timing is Everything
Saturday night might be the best night to get your party on, but it's also the most expensive night to do it. Many vendors and service providers charge a premium rate on Saturday evenings, and for nearly all it's the busiest day of the week (after all, it's not just other bar and bat mitzvahs, Sweet 16s, and quinces you're up against -- don't forget about weddings).

If you have your heart set on Saturday night, get your planning started early! Since vendors and locations' available Saturdays will book up quickly, you'll need to review your options pronto in order to get the best selection.

If you can have your party at a different time -- whether it's daytime on Saturday or another day of the week entirely -- you'll not only likely have a better selection of people and places to choose from, you'll also save some dough on those steep Saturday night prices.

3) Consider Your D.I.Y. Options
We know, we know -- with all the craziness of planning a mega-party, it's not like you have tons of free time on your hands. But taking some time to figure out what party details you can do yourselves could make up for in cash what they take up in time.

For example, if part of your dream is to have your tables swathed in pink chiffon and renting such fancy-schmancy table dressing is going to cost an arm and a leg, skip 'em and find the simpler version. Head to a discount fabric store with a crafty relative and pick out similar material -- just hem (or even simply trim) the edges to make it neat, and put them over plain or white-clothed tables to get the same effect.

The one caveat: Before you break out the glue and scissors, do your homework to be sure you're really saving. There are definitely cases where the amount of time and effort involved (not to mention all the stuff you might have to buy) make simply leaving it to the pros worth it.

4) Choose Your Location Wisely
Having your party at home might seem like a smart way to save (and for a small-size get-together, it is), but if you're planning a party that's big, formal, or both, think outside your house when it comes to location.

Think of it this way: Unless your parents happen to have lights, a dancefloor, and place settings for a hundred laying around, you're going to have to rent or otherwise find vendors who'll provide everything.

For any party (and especially for one that includes a meal), finding a location that's more inclusive is a better bet. They'll be able to provide you with many of your needs, from cups and plates to tables and chairs, and since these types of places hold events often, they'll have the hook up when it comes to helping you find the other event pros you need.

5) Pick Your Priorities
When you and your parents are working on a budget, be clear about what's really important to you. A fabulous dress? (Duh, of course.) But what about the food? The music? How about favors?

Put a star beside anything on your list that you find yourselves wildly envisioning ("We'll have an enormous dance floor with colored lights and a ceiling-full of disco balls!"), and an x beside anything that leaves you cold ("Oh yeah, I guess we should have something to eat, too).

Focus your attention (and money) on the stuff you can't live without, and be frugal (or, in the case of anything inessential, just ditch) the stuff you're not as psyched about.

Remember, it's not about having what your best friend had unless she had something you absolutely loved. If you're not into it, move on. You'll wind up with money well spent (and oh yeah, one heck of a party!)

-- Kate Wood